We develop a horizontal R&D growth model that allows us to investigate the different channels through which financial … sector produces a straightforward result: a decrease in lending rates which stimulates R&D investment and economic growth …

covering the period 1991-2004, we study how private equity finance affects patent applications and patent grants. We address …

covering the period 1991-2004, we study how private equity finance affects patent applications and patent grants. We address …

-term growth. We find that financial markets increase substantially the speed with which the observed sectoral allocation of output … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …. Our results are robust to using various proxies for financial development, to accounting for the endogeneity of finance …

We construct a growth model with an explicit government role, where more government resources reduce the optimal level …-2008, we use different proxies for government size and institutional quality. Our results, consistent with the presented growth … model, show a negative effect of the size of government on growth. Similarly, institutional quality has a positive impact on …

domestic bonds. Additionally, current account balances are driven negatively by real GDP growth, losses in competitiveness and …